To: Cytotekk who wrote (8868 ) 7/8/1998 10:56:00 PM From: Michel Grenier Read Replies (2) | Respond to
The only way to trade in this kind of situation is to put a limit, a ceiling if you ar buying and a floor if you are selling. With no bid and ask, even if the MMs do not screw you purposefully you may get screwed by the confused market. Example: last sale at $0.75, 10 000 shares bid at $0.75 and another 20 000 shares bid at $0.20, with nothing in between. You want to sell 30 000 shares at Market value. broker calls you after 2 minutes and tell you tou just sold 10 000 at $0.75. 5 minutes later, he calls you again and tells you you sold the last 20 000 at $0.20. Yesterday and today, the situation evolved very quickly, lots of orders to buy, lots of orders to sell, some at set prices, some at market. New orders coming very fast, with no information to help investors ( no bid size and bid price, no ask size and ask price), making it very hard to determine what an order to buy or sell should be made at. The MMs may have had two profitable days, they have certainly took advantage of the situation to say the least, but the frenzy and the way pink sheets work are mostly to blame for the mess. Glad I did not try to sell anything; could have gotten screwed or my order might not have been executed anyway.
